PC NMS October 2012 clean version CSSF 3010 pour VISA FINAL

15. CENTRAL ADMINISTRATION
State Street Bank Luxembourg S.A. assumes the duties and general obligations of the Fund's central
administration, according to the laws in force. It is specifically responsible for the issue and the redemption of
Shares, the calculation of the net asset value and the general bookkeeping of the Fund.
Fees paid to SSBL for the central administration service are, for each Sub-Fund, an annual 0.04% of the net
assets, with a minimum of EUR 2,400 per Sub-Fund, for the first EUR 20 million, and 0.01% on the portion of
the net assets exceeding that amount.
The fees are calculated monthly based on the average asset of each Sub–Fund, and are accrued at each
Valuation day and paid within the first 10 calendar days of the following month.
Furthermore the following fees are payable to SSBL: a fixed amount of EUR 15 per securities transaction, EUR
10 per derivatives transaction; EUR 90 per net asset value calculation for Sub-Funds with daily NAV and EUR
110 in case of a weekly valuation.
For the domiciliation services of the Fund, SSBL is entitled to receive an annual fee of EUR 1,500 per Sub-Fund.
16. NET ASSET VALUE
The net asset value per Share of each class of every Sub-Fund is determined each Valuation day under the
responsibility of the Board of Directors, and is expressed in the valuation currency, as specified in the Appendix
specific to each Sub-Fund under Section II. The consolidation currency is the Euro.
The net asset value per Share is determined by dividing the net assets of each class by the total number of
Shares of that class outstanding. If a Valuation day is a (legal or bank) holiday in Luxembourg, the Valuation
day shall be the following business day. The number obtained shall be rounded to two decimal places.
No Net Asset Value (NAV) shall be calculated on December 24 th due to the half bank holiday in Luxembourg.
The NAV shall be calculated again on December 27 th or, if this day is not a bank business day, on the next bank
business day.
The percentage of the total net asset attributed to each class within the Sub-Fund in question shall be adjusted
on the basis of the dividends and of the subscription/redemption for that class as follows:
• when a dividend is paid to the distribution share class of a Sub-Fund, the net assets attributed to the Shares
of that class of the Sub-Fund in question are reduced by the total amount of the dividends (causing thus a
decrease in the percentage of the net assets attributed to that share class), while the net assets of the Sub-
Fund attributed to the capitalisation share classes remain unchanged (causing an increase in the
percentage of the net assets attributed to those share classes;
• at the time of issue or redemption of Shares of a class in any Sub-Fund, the corresponding net assets will be
increased by the amount received or decreased by the amount paid.
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